Civil Writ Petition No.12624 of 2009 (O&M) 1
In the High Court of Punjab and Haryana, at Chandigarh.
Civil Writ Petition No.12624 of 2009 (O&M)
Date of Decision: 23.10.2009
M/s Devinder Shoe Store and Another
...Petitioners
Versus
State Bank of India and Others
...Respondents
CORAM: HON'BLE MR. JUSTICE KANWALJIT SINGH AHLUWALIA.
Present: Mr. Amar Vivek and Ms. Jyoti Sareen, Advocates
for the petitioners.
Mr. Yogesh Jain, Advocate
for the respondents.
Kanwaljit Singh Ahluwalia, J. (Oral)
Civil Misc. No. 17473 of 2009
Civil Misc. Application is allowed. Replication along with
Annexures P14 to P16 is taken on record.
Civil Misc. No. 17474 of 2009
Exemption from filing of certified copy of Annexure P14 is
granted.
Civil Misc. Application is disposed of.
Civil Writ Petition No. 12624 of 2009
Counsel for the petitioners have drawn attention of this Court
to Annexure P15 issued by the Bank on 31.8.2009. The conditions
specified in the letter read as under:-
Civil Writ Petition No.12624 of 2009 (O&M) 2
XXX XXX XXX XXX XXX XX
"i) Application to be received before
30..09.2009 and settlement to be reached
before 31.09.2009;
ii) Minimum amount to be paid Rs.283870.00
(being the outstanding balance in your
account as on the date it was categorized
as Doubtful NPA).
iii) Payment terms: Minimum 5% on
application and remaining dues on
settlement in one lump sum, upfront
Payment instalments would also be
considered on merits, subject to at least
25% of the amount of settlement being
paid within 30 days and the balance of
75% being paid instalments within six
months, but not later than 31.03.2010
together with interest at Bank’s PLR from
the date of settlement till date of final
payment”.
XXX XXX XXX XXX XXX XX
Counsel for the parties are in agreement that in pursuance of
Scheme, 5% amount of the application has been paid and petitioner is
liable to pay 25% of the amount of settlement within 30 days
commencing from today.
Mr. Amar Vivek, Advocate, has made a statement that in
Civil Writ Petition No.12624 of 2009 (O&M) 3
consonance with the demand raised by the respondents in Annexure
P15, 25% of the amount prescribed will be paid to the Bank on or before
23.11.2009. Mr. Vivek further states that the petitioner will adhere to
payment of balance 75% in instalments within six months but not later
than 31.3.2010.
Counsel for the respondents stated that Bank has no objection
and the property of the petitioner shall be released in their favour and
the mortgage will redeemed in case the arrangement mentioned in
Annexure P15 is followed by the petitioners. Counsel further states that
in case of any default on the part of the petitioner, the respondent-Bank
will be free to proceed in accordance with the provisions of law.
The present writ petition is disposed of with the observation
that parties shall remain bound by the statements made by their
counsel.
(Kanwaljit Singh Ahluwalia)
Judge
October 23, 2009
“DK”